Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

NZ joins Multilateral Investment Guarantee Agency

Hon Dr Michael Cullen

Minister of Finance


Tuesday 20 May Media Statement


NZ joins Multilateral Investment Guarantee Organisation

New Zealand has become a full member of the Multilateral Investment Guarantee Agency (MIGA), an arm of the World Bank, Finance Minister Michael Cullen announced today.

“Becoming a full member of MIGA will allow New Zealand to better support the World Bank with its mandate to promote economic opportunities for some of the world’s poorest communities,” Dr Cullen said.

MIGA is an insurance agency with a mandate to encourage foreign direct investment, stimulate growth and improve people’s lives.

The Agency’s main business is to provide insurance in frontier markets against political and sovereign risk. The agency also provides dispute mediation and technical assistance to host countries seeking to reform investment policy.

“In the wake of New Zealand’s decision to become a full member of MIGA, New Zealand-based firms can now access the range of insurance products provided by MIGA. MIGA’s products will be of interest to New Zealand businesses seeking to invest equity into ventures in some of the world’s poorer regions. These products will complement the range of products currently provided by the New Zealand Export Credit Office,” Dr Cullen said.

MIGA has since its inception written guarantees for 90 projects valued at over US$1.8 billion. New Zealand, as a shareholder, has invested NZ$9 million in MIGA.


ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

.

 
 

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>

ALSO:

Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>

ALSO:

(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>

ALSO:

Earlier:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election